| PNC branches into green offices
Green banking is more than just greenbacks, according to PNC Financial Services Group Inc. The Pittsburgh-based financial institution said Tuesday it received LEED (Leadership in Energy and Environmental Design) certification for 40 branches in six states. PNC (NYSE:PNC) also said it trademarked the term "Green Branch." More than 50 percent of each Green Branch is built from recycled materials, according to a news release, and as much construction waste as possible is recycled or salvaged. They also have high-efficiency HVAC and water systems, make maximum use of natural light, and have amenities like Internet cafes, coffee bars and plasma televisions. LEED certifications are given by the U.S. Green Building Council. .
Banking worries drop Dow
Wall Street resumed its slide Monday as investors absorbed a gloomy outlook for the banking sector, as well as bleak news about housing. The major stock market indexes each fell more than 1.5 percent, with the Dow Jones industrial average giving up 218 points. Concerns about the banking sector dominated the session. Goldman Sachs Group Inc.'s downgrade of large banks, and its estimate that Citigroup Inc. would have to write down $15 billion over the next two quarters due to its exposure to risky debt, unnerved Wall Street. Other sectors suffered big hits during the session, including homebuilders and airlines. The latest concerns about the housing sector arose after a downcast survey from the National Association of Homebuilders and a lowered forecast from home-improvement retailer Lowe's Cos.
London shares open lower ahead of BoE minutes, banking stocks fall UPDATE
LONDON (Thomson Financial) - Leading shares opened lower ahead of the release of the Bank of England minutes, which will be watched for any clues of a December rate cut, while banking stocks are still bearing the brunt of the falls after Wall Street finished firmer overnight. At 8.57 am, the FTSE 100 index was down 58.2 points at 6,168.3, off a low of 6,127.3, having closed last night 105.7 points firmer at 6,226.5, while the FTSE 250 index was 220.4 points lower at 10,279.5. Volume was average with 244 mln shares changing hands in 78,260 deals. Ex-dividend stocks also contributed 10.29 points to the falls with Cable & Wireless, Carnival, HSBC, Sainsbury and Vodafone all going ex-dividend today. "General concerns about credit are still having an impact on the market as well as the Federal Reserve minutes released yesterday with some investors interpreting these positively while others negatively," said Darren Winder, strategist at Cazenove.
Dow down 200 amid banking concerns
Stocks slid further Monday as Wall Street absorbed a gloomy outlook for the banking sector as well as bleak news from the National Association of Homebuilders. The Standard & Poor's 500 index and the Dow Jones industrial average each lost more than 1.5 percent, with the Dow down more than 200 points. .
Financial News: Barclays Capital Plans US, Asia Expansion
Barclays Capital is forging ahead with plans to recruit more than 1,500 staff next year despite being forced to write off GBP1.3 billion (EUR1.8 billion) as a result of the credit crunch. Jerry del Missier, co-president of the investment banking arm of UK bank Barclays, said he will increase staff numbers globally in the division by 10% next year. Barclays Capital employed 15,444 staff worldwide at the end of last month and del Missier has earmarked the U.S. and Asia as areas for expansion of its trading and investment banking activities. Del Missier was upbeat about the prospects for credit markets and U.S. mortgages. He said: "Credit is likely to be the fastest-growing asset class in the next five years because the fundamentals of transferring risk from banks to capital markets will continue.
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